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S&P Corelogic Case-Shiller HPI  
Released On 11/28/2017 9:00:00 AM For Sep, 2017
PriorPrior RevisedConsensusConsensus RangeActual
20-city, SA - M/M0.5 %0.4 %0.4 %0.3 % to 0.5 %0.5 %
20-city, NSA - M/M0.4 %0.4 %0.4 % to 0.5 %0.4 %
20-city, NSA - Yr/Yr5.9 %5.8 %6.2 %6.0 % to 6.3 %6.2 %

Highlights
Home prices continued to rise in September in what, however, are mixed signals from this morning's Case-Shiller and FHFA reports. Case-Shiller data came in at the high end of expectations with a 0.5 percent monthly rise for the 20-city adjusted index and a year-on-year gain of 6.2 percent which is the best in 3-1/2 years. FHFA's house price index rose 0.3 percent which is just below Econoday's low estimate. FHFA's year-on-year rate of 6.3 percent is the lowest since January.

Details in the Case-Shiller report show wide strength with all 20 cities posting monthly gains led by Atlanta, San Francisco and Las Vegas at all 1 percent or more. Seattle continues to dominate in the year-on-year category, up 13.0 percent and the only city in double digits.

Among other details, October prices are right in line with the yearly average hence Case-Shiller's unadjusted monthly index is nearly the same as the adjusted, at a 0.4 percent monthly gain.

Where there's acceleration in Case-Shiller, there is however slowing in FHFA. Taking these two reports together, home prices appear to be steady at a roughly 6 percent annual rate which is rich in a low inflation, low interest rate economy.

Consensus Outlook
Case-Shiller home prices, like the FHFA index, moved higher in August and another gain is expected for September. Econoday's consensus is calling for a 0.4 percent increase in the 20-city adjusted index following August's 0.5 percent rise. The consensus for the unadjusted monthly index is also 0.4 percent with the consensus for the year-on-year rate at 6.2 percent.

Definition
The S&P Corelogic Case-Shiller home price index tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S. Composite indexes and regional indexes measure changes in existing home prices and are based on single-family home re-sales. The expanded 20-city measure is the key series. The original series (still available) covered 10 cities. A national index is published quarterly. The indexes are based on single-family dwellings with two or more sales transactions. Condominiums and co-ops are excluded as is new construction. The Case-Shiller Home Price Indices are published monthly on the last Tuesday of each month at 9:00 AM ET. The latest data are reported with a two-month lag. For example data released in January 2016 are for November. Note that S&P, citing large seasonal swings in the housing sector and the risk of adjustment inaccuracies, urges readers to track unadjusted data in this report.  Why Investors Care
 
[Chart]
The Case-Shiller Home Price Index is based on repeat transactions. That is, appreciation or depreciation is for same houses resold. This index is probably the best measure of changes in home prices. While it covers the gamut of types of houses sold, it is limited to metropolitan areas.
Data Source: Haver Analytics
 
 

2017 Release Schedule
Released On: 1/312/283/284/255/306/277/258/299/2610/3111/2812/26
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